Mallinckrodt Retirement Plan Down $87 million

December 27, 2002 ( -Mallinckrodt Inc said its retirement plan's assets are down 28.0% in fiscal year 2002, with a net investment loss of $87.0 million, according to Reuters.

St Louis-based Mallinckrodt, a unit of Tyco since being acquired by the conglomerate in 2000, said in a Securities and Exchange Commission (SEC) filing that the plan’s net assets decreased from $401.7 million to $287.7 in the fiscal year that ended June 30.

Of the net loss, $40.5 million was deducted from the plan for participant cash and stock distributions; the rest of the decline was attributed to investment loss.

The Plan’s three largest holdings include, $54.3 million in the American Express Trust Equity Index Fund II, $56.8 million in a stable value fund and $23.1 million in the Tyco stock fund, which declined 73% this year.

Earlier in the fiscal year, Mallinckrodt made a contribution of $13.5 million to the plan.

Tyco had previously stated its employee pension plans were underfunded by $1.7 billion in the fiscal year that ended September 30.